SevenCubed - 12:07 am on Feb 11, 2011 (gmt 0)
Ok I'll get serious. First of all what you are describing almost sounds like a scrape and scramble site. Members here disgust, I mean discuss, those all the time and I don't think you'll find anyone on here who will have any kind words to say about that.
But, because I don't know for sure that is what you are considering; here's my 2 cents worth. It's considered fair and legal according to who? Next, in what jurisdiction of this planet is the present site established in? Have you verified the laws of that land and not only the one you reside in. Have to checked for trademark infringement?
But even more than the above -- applying a name as you indicated is like being on the Price Is Right and bidding $701 on that diamond bit ice auger when the person before you just bid $700. It's not a very classy tactic.